A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders. They use their expertise and access to a wide range of loan products to help clients find and secure a home loan that suits their needs. Brokers manage the application process, negotiate with lenders, and guide clients through to settlement, always acting in the client’s best interests.

Mortgage brokers offer access to a broader selection of lenders and loan products than a single bank. They compare options, explain differences, and recommend loans tailored to your circumstances. Brokers also handle paperwork, liaise with lenders, and keep you informed throughout the process, making the experience smoother and often saving you time and money.

Most mortgage brokers in Australia do not charge clients for their services on standard home or investment loans. Instead, they receive a commission from the lender once your loan settles. Any fees charged by a broker must be disclosed upfront, and using a broker does not increase your loan repayments or affect your interest rate.

Yes, Australian mortgage brokers must hold an Australian Credit Licence (ACL) or be an authorised representative of a licensee, as required by the National Consumer Credit Protection Act. They are also typically members of professional bodies such as the Finance Brokers Association of Australia (FBAA) or the Mortgage & Finance Association of Australia (MFAA), and the Australian Financial Complaints Authority (AFCA).

The minimum deposit required is usually 5% of the property’s value, but a deposit of 20% or more will help you avoid paying Lenders Mortgage Insurance (LMI). If you have less than a 20% deposit, LMI will likely apply. In some cases, a parental guarantee can help you borrow with a smaller deposit and avoid LMI.

Your broker will assess your financial situation, discuss your goals, and explain the different types of loans available. They may provide reports on interest rates, repayments, and property data. The broker will outline the steps involved in buying a property, from making an offer to settlement, and answer any questions you have about the process.

Yes, many brokers offer ongoing support. They can help you with loan modifications, refinancing, or switching products in the future. Some brokers also conduct annual reviews to ensure your loan remains competitive and suitable for your needs.

Yes, experienced brokers often specialise in helping clients with unusual or complex circumstances, such as self-employed borrowers, those with credit issues, or non-residents. They know which lenders are more flexible and how to present your application for the best chance of approval.

Yes, most brokers can assist clients anywhere in Australia and even overseas, thanks to digital communication and a national network of lenders

Ask if they offer loans from a range of lenders, how they are paid, whether they are licensed and accredited, and how much experience they have. It’s also wise to ask about their ongoing service and how they handle complaints.

The pre-approval process typically takes 1–5 business days, while full approval can take 1–3 weeks, depending on the lender, your documentation, and property valuation timelines.

You’ll generally need proof of identity, recent payslips, bank statements, details of assets and liabilities, and information about the property you wish to buy.

LMI is insurance that protects the lender if you default on your loan. You’ll usually need to pay LMI if your deposit is less than 20% of the property’s value.

Yes, many lenders offer home loans for self-employed applicants, but you may need to provide additional documentation, such as business financials and tax returns.

A fixed rate stays the same for a set period (e.g., 2–5 years), offering repayment certainty. A variable rate can change, which may lower or increase your repayments over time.

Yes, refinancing can help you secure a better interest rate, lower repayments, or access equity. Your broker can compare your current loan with other options and handle the process.

Your borrowing capacity depends on your income, expenses, debts, deposit size, and the lender’s policies. A broker can assess your situation and give you an accurate estimate.

An offset account is a transaction or everyday bank account that is linked to your home loan. The key feature is that the balance in your offset account is used to reduce the amount of your home loan on which interest is calculated. This means you pay interest only on the difference between your loan balance and the money held in your offset account

Ask about the process they use to match you with a loan, including how they assess your needs and compare products.

The comparison rate includes the interest rate plus most fees and charges, giving a clearer picture of the true cost of a loan.

Yes. Mortgage brokers are experienced in structuring loans for property investors, including interest-only loans, lines of credit, and using equity from existing properties. They can help you compare investment loan products, explain tax implications, and ensure your loan structure aligns with your investment strategy.

Pre-approval (or conditional approval) means a lender has reviewed your finances and is likely to lend you a certain amount, subject to conditions (like property valuation).
Unconditional approval is when the lender has fully assessed your application and the property, and formally agrees to lend you the money—no more conditions.

Lenders prefer stable, ongoing employment. If you’re a casual, contractor, or on probation, you may need to provide extra documentation, such as recent payslips, tax returns, or letters from your employer. Some lenders are more flexible than others—your broker can match you with the right one.

Yes. A guarantor (usually a close family member) can use their property’s equity to help you secure a loan, often reducing or eliminating the need for a large deposit or Lenders Mortgage Insurance (LMI). There are risks for both parties, so your broker will explain the implications and help structure the arrangement.

If you have a variable rate, your repayments will increase if interest rates go up. If you’re on a fixed rate, your repayments stay the same during the fixed period. Your broker can help you explore options to manage rate rises, such as fixing part of your loan or making extra repayments while rates are low.

You can access equity by refinancing your loan or applying for a line of credit. This can be used for renovations, investments, or other major expenses. Your broker will assess your borrowing power and help you choose the best way to unlock equity.

A split loan divides your mortgage into two portions—one fixed, one variable. This lets you enjoy the certainty of fixed repayments on one part, while still benefiting from the flexibility of a variable rate on the other. Your broker can help you decide if this suits your goals.

Lenders review your bank statements, credit card usage, and ask about your spending on things like groceries, transport, entertainment, and childcare. Being honest and accurate helps avoid delays. Your broker can guide you in preparing this information.

A discharge fee is charged by your lender when you pay off your home loan or refinance to another lender. It covers the administrative costs of closing your loan account. Your broker will outline all fees so there are no surprises.

It’s possible. Some lenders specialise in loans for people with impaired credit histories, though you may pay a higher interest rate. Your broker will assess your situation, recommend suitable lenders, and help you improve your application.

It’s wise to review your home loan every 1–2 years or whenever your circumstances change (e.g., new job, growing family, interest rate changes). Your broker can conduct a review to ensure your loan is still competitive and meets your needs.

A comparison rate combines the interest rate with most fees and charges, giving you a clearer picture of the true cost of a loan. Always compare comparison rates—not just advertised rates—when shopping for a mortgage.

Most variable loans allow extra repayments without penalty, helping you pay off your loan faster and save on interest. Fixed loans may have limits or fees for extra payments. Your broker will explain your options.

A redraw facility lets you access any extra repayments you’ve made on your home loan. This can be useful for emergencies or planned expenses. There may be limits or fees, so ask your broker for details.

Yes, multiple loan applications in a short time can negatively impact your credit score. Your broker will help you target the most suitable lenders to avoid unnecessary credit checks.